The roll-out of MiFID II will not be postponed again, said Steven Maijoor, Chair of the European Securities and Markets Authority, in a keynote address at the annual Futures Industry Association IDX Conference held last week in London. MiFID II is scheduled to come into effect on January 3, 2018. In his speech, Mr. Maijoor also expressed concern that in response to Brexit, some UK-based market participants may seek to relocate entities, activities or functions in the European Union in order to maintain access to EU financial markets. When relocating, such entities may still maintain the bulk of their operations in the United Kingdom. However, Mr. Maijoor warned that “[o]utsourcing or delegation arrangements should not result in entities becoming letterbox entities nor in creating obstacles to effective and efficient supervision.”